Turkey's incoming finance minister, the son-in-law of President Recep Tayyip Erdogan, on Tuesday vowed to bring inflation down to single digits as he seeks to win over investors spooked by his appointment.
The lira, which has lost almost a fifth of its value against the dollar this year, dropped almost 3 per cent to 4.74 to the USA currency after the cabinet announcement. Hours later, Erdogan announced the make-up a new streamlined cabinet which included his son-in-law as finance minister.
The lira currency, which has been battered this year by concerns about President Tayyip Erdogan's drive for greater control over monetary policy, declined after the changes were published.
"We, as Turkey and as the Turkish people, are making a new start here today", he told the dignitaries and thousands of guests.
"The pace at which he (Erdogan) is moving to tighten his grip is alarming and, in response, Turkish financial assets have come under pressure", said Jason Tuvey, senior emerging markets economist at Capital Economics, in a note to clients.
The service period for the chief of staff will be four years.
Current Foreign Minister Mevlut Cavusoglu could, in theory, continue in his job but reports have said Erdogan may choose his spokesman, Ibrahim Kalin, or even spy chief Hakan Fidan to succeed him.
"We are embarking on this road by using this opportunity as best we can for a strong parliament, strong government and strong Turkey", he said. The role of prime minister has also been eliminated, and the president will now be able to pick his own Cabinet. Erdogan has described the consolidation as a means to eliminate governmental inefficiency, and his base views his consolidation of authority as a deserved outcome for a leader who has instilled Islamic values in public life, according to Reuters.
Turkish Prime Minister Binali Yildirim will on Monday go down in history as the 27th and final holder of a post that has existed since Mustafa Kemal Ataturk founded modern Turkey, and whose origins date back to the Ottoman Empire. Marc Pierini, a former European Union ambassador to Turkey and a visiting scholar at Carnegie Europe, said Erdogan's new powers would effectively make him a "super-executive president".
The event at parliament in the capital, Ankara, concludes the country's transition from a parliamentary system to an executive presidency, in line with the constitutional changes approved in a referendum previous year. "In other words, Turkey will be an institutionalized autocracy".
Erdogan would become both the head of state and government, with the prime minister's post abolished. In 2016, a coup to depose him failed. Those times have already arrived, with the economic boom he's presided over threatening to turn into a bust, and a crackdown on dissent gaining new momentum.
Scrapping the term would remove a shield that helps ensure the bank's independence from politicians, former central banker Ugur Gurses said.
The series is supposed to have a total of eight episodes , but HBO has not listed the name or date for Episode 8 yet. What's more, according to the AV/TV Club , there's also some Emmy buzz already surrounding Sharp Objects .
Bugatti will charge £4.42 million for each of the 40 Divos that will be made - a heavy premium over the other two models. The Divo is due to be unveiled at "The Quail, A Motorsports Gathering" in Monterey, California on 24 August.
The decision could be a big financial hit for some insurers and may lead to higher insurance rates in some cases, critics say. Under the risk adjustment program, insurers with healthier patients pay those with sicker patients.
The Crown's Olivia Coleman plays the role of Queen Anne with her advisor Lady Sarah played by Rachel Weisz . The cast includes Nicholas Hoult , Joe Alwyn , Mark Gatiss , Jenny Rainsford , and James Smith .
When the Galaxy S9 Plus was first introduced, it was immediately reviewed and held the top rank at DxOMark . Unfortunately, the leak only shows the front of the device; the back would have told us a lot more.
The 21-year-old spent the second half of last season on loan at NAC Breda in the Eredivisie, in which he netted five goals. Having broken into Roma's squad aged just 18, he's also scored twice for them in six senior appearances.
They launch from the ground by raising their abdomen to the sky, spinning off 7-13 foot long silk parachutes and simply fly. Study authors said there is still much to be explored on the topic, including on the physical properties of spider silk.
You may recall that when the switch to Google Pay happened, Google kept this feature as a separate app called Google Pay Send . Especially with airline tickets, this dedicated view makes it easier to quickly pull up a boarding document.
But as she has done at each stage here, in just her fourth tournament back since maternity leave, Williams elevated her play. Many seeded players lost in the men's and women's singles events in the Wimbledon first week.
It's wonderful because I was one of those kids growing up who wanted to play for England. "I would just walk out of the room, it is an anthem and has followed the team for a long time but involved some hard moments as well".
Lawmakers also asked about the companies' roles in policing how app makers collect and share information taken from smartphones. The letters were signed by Greg Walden of Oregon, Marsha Blackburn of Tennessee, Gregg Harper of MS , and Bob Latta of Ohio.
Pogba dedicates France win to Thai cave survivors
I've engraved the Queen's head on a blob of gold and The Last Supper but I'm really proud of my portrait of Harry Kane . They worked in '98 and we worked today, we reached out target to get to the final.
Prince Louis' Godparents Revealed - See the Full List!
Princess Charlotte took centre stage at her little brother Prince Louis's christening yesterday as she showed off her cheeky side. Coincidentally, William and Kate attended the wedding of Robert and Hannah on their own one-year wedding anniversary in 2012.
Mobile phone warning road signs 'a UK first'
A roadside system that detects if a mobile phone is in use in a passing vehicle is being piloted in a United Kingdom first. People using their phones while driving will be getting warning messages if they do so in Norfolk.
Eight boys now rescued from flooded cave in Thailand
Divers guided them though more than two miles of dark and narrow tunnels filled with murky water and strong currents. It took nine hours Sunday to rescue the first two boys, who were described as the weakest of the group.
Queen pays tribute to mark 100 years of Royal Air Force
With three royal engagements in a single day, it's no wonder Meghan Markle has made an equal amount of outfit swaps. Meetings with The President of Ireland, Michael Higgins, and with The Taoiseach, Leo Varadkar, are both planned.
Eden Hazard still 'dreaming' of Real Madrid
But despite Zidane having been replaced by Julen Lopetegui, Hazard told beIN SPORTS his thinking had not really changed. If Real Madrid do indeed want to sign Hazard , they will certainly have to shell out staggering sums of money to do so.
Key numbers: Ronaldo to leave Madrid for Juventus
I'm leaving but this shirt, this shield and the Santiago Bernabéu will continue to always feel as my own wherever I am. He spent six seasons in England, winning three Premier League titles, one Champions League title and one FA Cup.
The 'dual-screen' Ticwatch Pro costs $250
It enables lower power consumption as the tech allows the watch owner to switch between FSTN LCD display and an OLED display . As for the rest of the story, the TicWatch Pro has all of the specs you could ask for in a Wear OS device at this time.
Scientists Trace 'World's Oldest Colours' From Africa
When they pulverized the fossils to analyze the bacteria molecules, the researchers distilled the colors to find a brilliant pink. Despite being 4.6 billion years old, an explosion of complex life on Earth didn't take place until about 650 million years ago.